Murata Manufacturing Co.,Ltd., July-September (2Q) Net Income Decreases by 15%

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Fri Nov 1, 2024 3:00 pm JST Earnings

6981 Murata Manufacturing Co.,Ltd. 【US-GAAP】

Earnings Report

Murata Manufacturing Co.,Ltd. <6981> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 1st (15:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 4.1% from the same period last year, reaching 130 billion yen, resulting in an increase in profits compared to the previous forecast of a 4.1% decrease.

However, The progress rate against the 235 billion yen full-year plan was 55.5%, it was below the same period of the previous year of 69.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand by 88.0% from the same period last year, reaching 104 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income decreased to 63.9 billion yen, a 14.8% decrease compared to the same period last year. The operating profit margin decreased from 20.1% in the same period last year to 19.9%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	920,224	200,585	216,983	161,771	85.0	71.7	Oct 31, 2022	IFRS
Apr - Sep, 2023	810,350	138,922	161,224	125,153	66.3	67.3	Oct 31, 2023	IFRS
Apr - Sep, 2024	883,481	158,172	164,029	130,320	69.5	52.4	Nov 1, 2024	IFRS
YoY	+9.0%	+13.9%	+1.7%	+4.1%	+4.8%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	852,000	154,000	160,000	120,000	64.1	27	Apr 26, 2024	IFRS
Apr - Sep, 2024 Results	883,481	158,172	164,029	130,320	69.5	27	Nov 1, 2024	IFRS
Revision Rate	+3.7%	+2.7%	+2.5%	+8.6%	+8.4%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	829,808	76,525	78,180	55,685	29.5	27	Apr 26, 2024	IFRS
Oct - Mar, 2024 Guidance	816,519	141,828	148,971	104,680	56.2	27	Nov 1, 2024	IFRS
YoY	-1.6%	+85.3%	+90.5%	+88.0%	+90.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,686,796	298,231	302,683	243,946	128.6	50	Apr 28, 2023	IFRS
Mar, 2024	1,640,158	215,447	239,404	180,838	95.7	52	Apr 26, 2024	IFRS
Mar, 2025 Guidance	1,700,000	300,000	313,000	235,000	126.2	54	Apr 26, 2024	IFRS
YoY	+3.6%	+39.2%	+30.7%	+30.0%	+31.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	442,656	88,811	98,456	75,055	39.7	20.1	Oct 31, 2023	IFRS
Oct - Dec, 2023	439,394	76,197	64,210	49,359	26.1	17.3	Feb 2, 2024	IFRS
Jan - Mar, 2024	390,414	328	13,970	6,326	3.4	0.1	Apr 26, 2024	IFRS
Apr - Jun, 2024	421,707	66,375	83,566	66,365	35.3	15.7	Jul 30, 2024	IFRS
Jul - Sep, 2024	461,774	91,797	80,463	63,955	34.1	19.9	Nov 1, 2024	IFRS
YoY	+4.3%	+3.4%	-18.3%	-14.8%	-14.2%